Bill Gravanis, the new owner of Sydney’s Luna Park through his family-run Oscars Group, has secured A$37.4 million ($24.5 million) to fund the amusement park’s redevelopment by selling The Village on Summer Street mall in Orange, New South Wales, The Sydney Morning Herald reports.
According to the report, the shopping centre was co-sold by architect Paul Saunders, who had partnered with Oscars Group to acquire the asset for A$22 million in April 2019.
The 21,090-square-metre property, comprising a 4,947 sq.m. shopping mall and 2,573 sq.m. of developable land, was acquired by Centennial and its partner, Parkstone Funds Management.
Centennial’s executive director, Paul Ford, emphasized the centre’s steady income stream from its essential retail offerings and the region’s positive growth prospects.
“This deal positions us well as we continue to scale our retail portfolio,” he said.